Competitive Impact of Strategic Restructuring: Evidence from the Telecommunications Industry
通过贝尔大西洋与TCI合并失败案例，分析电信企业战略选择对竞争对手股票价格的影响，发现合并公告对类似战略企业有正面溢出效应，而终止则显示投资者更偏好其他战略。
Stock market evidence can provide insights into how firms in rapidly changing markets design and implement strategies. The failed merger attempt of Bell Atlantic and TCI serves as a case study for examining the effects of strategic choices on firms in the telecommunications industry. The paper documents the varying strategies of the seven regional Bell operating companies (RBOCs) and analyzes the stock price reactions of industry participants to the proposed merger and its termination in the context of these differing strategic orientations. Results reveal that the announcement of the merger generated significant spillover effects for other cable and local telephone companies as well as for other industry participants. We use the reactions to test hypotheses regarding the rationale for the merger proposal and the reasons for its demise. Stock price reactions to the proposal were significantly more positive for the three RBOCs that had committed to strategic approaches similar to Bell Atlantic's than for the other three RBOCs. However, reactions to the termination indicate that investors viewed the hierarchical organizational strategy of Bell Atlantic as less desirable than those being pursued by other Bell companies. Copyright 2001 by Oxford University Press.